Clear Channel Communications Inc. won the bidding for Jacor Communications Inc., agreeing to acquire the radio-station owner that syndicates Rush Limbaugh and Dr. Laura Schlessinger, for stock valued at about $3.39 billion and the assumption of $1.23 billion in debt.

Jacor, which owns 230 stations, syndicates shows and owns a television station in Cincinnati, put itself up for sale about a year ago, and virtually every major radio company is believed to have looked at a purchase, including CBS Corp. and Chancellor Media...